The show dedicated to enthusiasts of the global automotive industry looks like electric last mile solutions or elms is the first ev spax startup to fail at its peak in late 2020. It was trading at 14 dollars a share and its market cap was 1.4 billion dollars. Today, its trading at 50 cents a share, and the company is only worth 63 million dollars, but soon its not going to be worth anything. The company is going to file for chapter 7 bankruptcy and liquidate. That means its assembly plant in mishawaka. Indiana could be available to other startups and well have more on that in a minute, but elms ran into trouble when it struggled to import truck chassis from china and shipping costs for those chassis soared because of a shortage of shipping containers triggered by the pandemic. Moreover, the founders, jim taylor and jason liu were forced to resign earlier this year, when the company accused them of improper stock purchases. Elms is not the only ev spac startup thats in trouble, and there could be others that will have to close up shop too. So could chinese automaker neo be interested in getting that assembly plant from elms? It could probably pick it up for pennies on the dollar in bankruptcy court. A few weeks back, we reported neo is recruiting manufacturing specialists to build a factory in the u.s, and now it confirmed plans to start selling cars in the american market. Neos cfo says it started a comprehensive study of the u.

s market and has formed a team dedicated to coming up with an entry plan. Neo also reported its first quarter, earnings it sold more than 25 700 vehicles up nearly 30 percent, which brought in 1.5 billion dollars. In revenue a gain of about a quarter compared to a year ago, however, it posted an operating loss of 325 million dollars and a net loss of 265 million, which are both significantly larger losses. From a year ago, tesla is asking shareholders to approve another stock split, and if the approve it each shareholder will get three shares for every share they already own tesla says it wants to make its stock more affordable for retail investors. The stock, which currently trades at around 700 a share would drop to 233, but that could attract more people to buy the stock, which could drive the price back up again and thats exactly what happened in august of 2020, when tesla did a 5 1 stock split Applause, Music: we want to know what drives your testing ota connected car diagnostics. Remote testing intrepid control systems is here to help you work from anywhere intrepid control systems, driven by your data general motors plans to use its electric autonomous and connected technologies for more than just passenger vehicles. Gm defense recently announced plans to expand into canada and is now creating a new unit called gm defense international to build military vehicles for foreign countries. It says its exploring opportunities in europe, the middle east and the indo pacific region, and it plans to leverage gms next.

Gen technologies for its future defense vehicles, half of the people that use an autonomous shuttle service in its first few months of operation are just there to see how it works. Thats. According to a survey of riders, who used an av shuttle fleet run by toyota and may mobility in the state of indiana, the test began last year and will likely stop at the end of june. But at first 50 percent of the riders said they were there. Just to check it out, but that soon changed and many used the service to go to work or school. One route was even able to increase rides by 90 percent over the course of the service and averaged about 50 rides per day, and this suggests that people are more comfortable with that technology once they experience it. Speaking of mobility. Honda is launching a three wheeled electric scooter in japan this year and then in parts of europe and the us in 2023. It features a unique balancing system that is said to make it stable from walking speed up to its top speed of 25 kilometers per hour or over 15 miles per hour. It can travel 30 kilometers or a little over 18 and a half miles and it can fold up for easier travel or storage. The first version to launch will cost about nineteen hundred dollars. Fans of piston power and sporty driving will be happy to know that the new bmw m2 will make its debut this october now its in its final testing phases and recently hit the track in austria.

The car is still powered by a three liter turbocharged six cylinder engine, while bmw doesnt give any performance numbers. It says it boasts a similar performance level to the current m2cs, which is a sportier version of the car that makes 444 horsepower. It will also retain the option for either a 6 speed manual or 8 speed. Automatic transmission other highlights include the same brake system as the m3 and m4 adaptive m chassis and carbon fiber roof. Look for the new m2 to go on sale in april of next year at scheffler we pioneer motion Music, electrifying mobility, manufacturing, smarter, reducing co2 emissions, making energy production clean, scheffler, pioneers motion to advance how the world moves Music. The future of michigan is extraordinarily bright. We have such incredible assets and i think more and more were realizing how to put those together in a way thats going to help. This state really help lead the nation as we go forward. Russian automaker autovaz is making cars again, but those cars are missing. Some important parts and components that cant be imported and thats because of the trade sanctions that were slapped on russia because of its invasion of ukraine. The car is the lotta granta and is being made without traction, control, passenger side, airbags or air conditioning its powered by a 1.6 liter engine that only produces 90 horsepower, and you can only get a 5 speed manual. But it costs just 13 200 stripped down versions of ladas.

Other models are reportedly coming out soon as well. Several automotive suppliers have sniffed out a lucrative niche for themselves in the eevee segment. By making e axles, they allow automakers to pull out the ice powertrain of a vehicle and bolt in an e axle and battery pack and scheffler is the latest supplier to unveil its e axle. But it is taking it one step further, whereas most e axles include the electric motor power, electronics and transmission. Scheffler includes the thermal management system as well. Packaging them into one integrated unit results in a smaller overall package. Scheffler also uses extra heat from the power, electronics and electric motor to heat the cabin when needed, and it makes a heat pump that automakers can add to their overall system that uses carbon dioxide. As a refrigerant scheffler says its also developing an electric beam axle for pickups and already has orders from several automakers lockheed martin and general motors are teaming up to develop the next generation of lunar rovers for nasa. Most people are unaware that gm was heavily involved in the original lunar rovers that nasa sent to the moon in the 1970s. The new ones are going to be autonomous so that astronauts can spend more time doing science stuff instead of driving and theyll, be designed to operate during nights last for two weeks and deal with temperatures that run at 260 degrees fahrenheit during the day and 280 below. At night, gm will be contributing its battery and electric propulsion technology to the mission lockheed and gm have close ties linda goodin, the former executive vice president for information systems from lockheed sits on gms board of directors, but thats it for today, thanks for tuning in Music, Auto line daily is brought to you by bridgestone solutions for your journey.

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